As we've mentioned in the past, our integration plan for Latchways includes continued expansion of their base business.

as we've mentioned in the past our integration plan for latchways includes continued expansion of their base business


When you have the right people, you can then do the right things with the right method

when you have the right people you can then do the right things with the right method


at least in the food and beverage industry, it's very difficult to do this venture capital investment.

at least in the food and beverage industry it's very difficult to do this venture capital investment


providing us with a large and diverse group of lenders willing to work with us at rates below conventional financing.


as well as skills and technical training according to benchmarks compiled by the Technology Services Industry Association.

as well as skills and technical training according to benchmarks compiled by the technology services industry association


sitting here watching and listening to the good news and the potential and all rest of it. Can you give us some

sitting here watching and listening to the good news and the potential and all the rest of it can you give us some


Later on today's call, I will provide you with an overview of how we are benefiting from one of our more recent deals.

later on today's call i will provide you with an overview of how we are benefiting from one of our more recent deals


penetration within the hubs at varying levels, depending on how long we've had them online.

penetration within the hubs at varying levels depending on how long we've had them online


deregulation efforts underway across pretty much every province as it relates to


I wanted to see if I have something right here. It seems like this quarter versus last quarter, it seems to me like

i want to see if i have something right here it seems like this quarter versus last quarter it seems to me like


Expense increases were primarily driven by higher programming fees and investments in Premion, including the new data management platform.

expense increases were primarily driven by higher programming fees and investments in premion including the new data management platform


in how people are thinking about cash flow and putting it to work? And do you think that's on the come? Just trying to think through

in how people are thinking about cash flow and putting it to work and do you think that's on the cmo just trying to think through


Our ability to deleverage at this pace is a key attribute of TriMas. Additionally,

our ability to deleverage at this pace is a key attribute of trimas additionally


Turning to Japan. We enjoyed our best inflows both before and after distributions

turning to japan we enjoyed our best inflows both before and after distributions


Here are some of our more important financial highlights for the second quarter as compared to the prior year same quarter.

here are some of our more important financial highlights for the second quarter as compared to the prior year same quarter


So can you help us just to understand? Because your margins tend to be quite hard to predict

so can you help us just understand because your margins tend to be quite hard to predict


as we continue to build our company's businesses and execute upon our successful strategies now in place.


We will be providing more detail in that regard at our upcoming Investor Day presentation in New York next month.

we will be providing more detail in that regard at our upcoming investor day presentation in new york next month


Within Capital Markets, we're assuming a flattish to modest increase in the second half of the year compared to last year.

within capital markets we're assuming a flattish to modest increase in the second half of the year compared to last year


and remain investment-grade, watch our CapEx closely and continue within those parameters to grow our dividend.

and remain investment grade watch our capex closely and continue within those parameters to grow our dividend


which is probably prudent in this current market environment, but you also mentioned no need for equity until the second half of next year.

which is probably prudent in this current market environment but you also mentioned no need for equity until the second half of next year


where we get near-term, if not immediate, benefits and returns that are exceptional. I'll show you a bit more in a moment.

where we got near-term if not immediate benefits and returns that are exceptional i'll show you a bit more in a moment


because we may have to just borrow it all right back again in a very short time period if we do not get an extension.


Thanks, Jamie. We continue to make great progress into the future with our evolving organization and solutions.

thanks jamie we continue to make great progress into the future with our evolving organization and solution


While empowering organizations with more efficiency and speed, the DevOps process is also dramatically expanding the attack surface.

while empowering organizations with more efficiency and speed the devops process is also dramatically expanding the attack surface


Our net earnings for the quarter and for the full year were impacted by a few items that we don't see recurring in the future.

our net earnings for the quarter and for the full year were impacted by a few items that we don't see recurring in the future


Appetite is very important in terms of the variable by which a pet owner assesses the health status of their pet,

appetite is very important in terms of a variable by which a pet owner assesses the health status of their pet


project might be something -- sometimes you might have to put a solar competent, sometimes it might be an increased R value,

project might be something -- sometimes you might have to put a solar component sometimes it might be an increased r value


could there be some stress on some of those cash flow coverages, and we feel good about how our underwriting was done at the time, but

could there be some stress on some of those cash flow coverages and i think that we feel good about how our underwriting was done at the time but


review of your options is complete and the board is presented with a recommendation one way or the other?


We could have not -- we could not have put up the first quarter results that we did without our team members staying focused on serving our customers.


that we can continue to do. I'll answer the Japan question, and operator, this will be our last question after that answer.

that we can continue to do i'll answer the japan question and operator this will be our last question after that answer


to continue to pursue good quality pest control and wildlife companies like Northwest as we move forward.

to continue to pursue good quality pest control and wildlife companies like northwest as we move forward


feel like I ask you this every quarter, but back on the balance sheet, as it relates to your cash pile,

i feel like i ask you this every quarter but back on the balance sheet as it relates to your cash pile


So that has the potential for us to keep us sort of where we are even if there's a decline.

so that has the potential for us to keep us sort of where we are even if there's a decline


and not growth for growth's sake. Our strong growth is an expression of generating strong returns first.

and not growth for growth's sake our strong growth is an expression of generating strong returns first


that part of the world. And in spite of that, the fact that they put up those kinds of results I think is extraordinary.

that part of the world and in spite of that the fact that they put up those kinds of results i think is extraordinary


Regarding our renewed focus on recurring revenue, we are taking multiple actions to drive growth.

regarding our renewed focus on recurring revenue we are taking multiple actions to drive growth


We are focused on multiple fronts to secure additional liquidity options and improve the capital structure of the company.

we are focused on multiple fronts to secure additional liquidity options and improve the capital structure of the company


these things, we believe give us an advantage of helping to build better repeat visitation to our resorts

these things we believe give us an advantage of helping to build better repeat visitation to our resorts


but also has a ripple effect on everyone around them, including their children, families and employers.

but also has a ripple effect on everyone around them including their children families and employers


the BlueLinx team closely monitors inventory levels to minimize the impact of a rapid deflationary environment

the blue leaks team closely monitors inventory levels to minimize the impact of a rapid deflationary environment


I mean, that is difficult to say what a normal trough would be and how long it would take. It depends on the

i mean that is difficult to say what a normal truck would be and how long it would take it depends on the


So it just happened that a lot of them happened in the quarter. And in terms of new store openings.

so it just happened that a lot of them happened in the quarter and in terms of new store openings


So the oversupply may not occur next year. It may postpone to a later time.

so the oversupply may not occur next year it may postpone to a later time


which, in turn, should improve conversion and enable us to spend more on traffic to our sites.

which in turn should improve conversion and enable us to spend more on traffic to our sites


that the securities that we're buying today actually have a higher yield than the securities that are coming off. And so over time,

that the securities that we're buying today actually have a higher yield than the securities that are coming off and so over time


content you get from these new Chinese suppliers? Is it only going to be Chinese? Is it going to be

content you get from these new chinese suppliers is it only going to be chinese is it going to be


The other part of this is making sure we have the right people in place to accomplish this and we do.

the other part of this is making sure we have the right people in place to accomplish this and we do


some availability to some low-cost capacity that is now back inside our supply chain. So the next tranche of growth that we see

some availability to some low-cost capacity that is now back inside our supply chain so the next tranche of growth that we see


Thank you. Since there are no additional questions, this concludes our call. Again, thank you for taking time to participate.

thank you since there are no additional questions this concludes our call again thank you for taking time to participate


a number of quarters before, along with the industry, in terms of being an area of recruiting pressure and just interested in an update there.

a number of quarters before along with the industry in terms of being an area of recruiting pressure and just interested in update there


from reductions in readmissions and 40 basis points from certain lower acuity admissions such as births.

from reductions in readmissions and 40 basis points from certain lower acuity missions such as births


be comfortable that transferring shares does not expose them to sanctions. And this is what we have in the deal that we got

be comfortable that transferring shares does not expose them to sanctions and this is what we have in the deal that we got


to ensure that the actual average revenue per passenger you achieve one particular year


And the last question on the K factor, if we could have an update on the size of the deviation of

and the last question on the k factor if we could have an update on the size of deviation of the


during the start of this conference call. So what has changed since then about the view on the company?

during the start of this conference call so what have changed since then about the view on the company


And customers want to interact with businesses through the customers' preferred mode of communication,

and customers want to interact with businesses through the customer's preferred mode of communication


as well as the acquisition by Tesoro Logistics of the Los Angeles Refinery storage and handling assets

as well as the acquisition by tesoro logistics of the los angeles refinery storage and handling assets


We have reduced spending in other areas in order to fund these investments and achieve a net overall reduction in our spending.

we have reduced spending in other areas in order to fund these investments and achieve a net overall reduction in our spending


On the top line, as we made these investments, we've seen improvement in our volume trends, revenue growth

on the top line as we made these investments we've seen improvement in our volume trends revenue growth


We're constantly working to overcome technological barriers in order to create real breakthrough in the manufacturing.

we are constantly working to overcome technological barriers in order to create real breakthrough in the manufacturing


As we had hoped to show when we undertook Part C, we believe the durability of effect on dizziness and blood pressure

as we had hoped to show when we undertook part c we believe the durability of effect on dizziness and blood pressure


just made recently to move into the next phase on shared service centers which is really around feasibility,


This was primarily driven by additional revenue from Bhushan Steel, improved deliveries in India

this was primarily driven by additional revenue from bush and steel improved deliveries in india


Our revenue is not yet where we want it to be, and our liquidity has been tighter than we had anticipated.

our revenue is not yet where we want it to be and our liquidity has been tighter than we anticipated


pointed than maybe what you would have seen at comparable periods in the past. So we generally feel

pointed than maybe what you would have seen at comparable periods in the past so we generally feel


was less than the weighted average cost of maturing broker deposits despite the impact of the price disruption early in the quarter.


needle movers, but I think it's just the sense of attention to the -- to every expense that's going through the system.

needle movers but i think it's just the sense of attention to the -- to every expense that's going through the system


which we believe is highly differentiated and positioned to emerge as a leading bioscaffold solution to replace traditional surgical match.

which we believe is highly differentiated and positioned to emerge as a leading bioscaffold solution to replace traditional surgical mesh


that are going on in that space. In terms of what we're aiming to do if you think about it,

that are going on in that space in terms of what we're aiming to do if you think about it


as we realized higher overall average sales prices and the benefit of managing our overall construction costs.


and represent major progress to achieve our goal to significantly delever and strengthen our balance sheet,


The sequential quarterly decrease primarily reflects reduced intermediary marketing support payments and lower distribution and service fees

the sequential quarterly decrease primarily reflects reduced intermediary marketing support payments and lower distribution and service fees


then what does -- what will Advance include when it is closed? So that's when I said in the balance of the year,

then what does -- what will advance include when it is closed so that's when i said in the balance of the year


being impinged. In fact, the World Nuclear Association shows that over the coming decades,

being impinged in fact the world nuclear association shows that over the coming decades


Recent trends suggest that interest is increasing in the whiskey category, which is largely scotch right now.

recent trends suggest that interest is increasing in the whiskey category which is largely scotch right now


This number of closures is a slight acceleration compared to the rate of 6 closures we've had in the previous years.

this number of closures is a slight acceleration compared to the rate of 6 closures we've had in the previous year


The team has been extremely successful in driving down costs as previously mentioned, while improving performance of our asset.

the team has been extremely successful in driving down cost as previously mentioned while improving performance of our asset


Prior to its sale, Health eCareers results for October and November were in line with the same period last year.

prior to its sale healthy careers results for october and november were in line with the same period last year


And on the software and services side, that's probably the primary reason why you see the bottom end come up as we see greater visibility into the projects,

and on the software and services side that's probably the primary reason why you see the bottom end come up as we see greater visibility into the projects


on the credit card side. The front book, we've been taking on slightly more risk

on the credit card side the front book we've been taking on slightly more risk


And we have high hopes for it in the future once commodity prices kind of return more towards historical norms.

and we have high hopes for it in the future once commodity prices kind of return more towards historical norms


Although this approach has been very encouraging in the treatment of liquid tumors, such as leukemia,

although this approach has been very encouraging in the treatment of liquid tumors such as leukemia


We began the further diversification of our revenue base with the Proterra supply agreement and the Navistar joint development agreement.

we began the further diversification of our revenue base with the proterra supply agreement and the navistar joint development agreement


The higher percentage of patients requiring therapy visits had a favorable impact on Q2 pricing.

the higher percentage of patients requiring therapy visits had a favorable impact on q2 pricing


And so we recognize that we've got to get those price gaps more in line with where they need to compete and the brands they compete with.

and so we recognize that we've got to get those price gaps more in line with where they need to compete and the brands they compete with


First and foremost, we remain the premier power generation company in the country and have the operating results to prove it.

first and foremost we remain the premier power generation company in the country and have the operating results to prove it


because competitors who may be more dependent on oil and gas, will try and shift into other products

because competitors who may be more dependent on oil and gas will try and shift into other products


I know everybody gets hung up on mix, and thinking that if the mix is shifted more to an indirect channel where you're going to get a lot higher margins.

i know everybody gets hung up on mix and thinking that if the mix is shifted more to the indirect channel you're going to get a lot higher margins


On the other hand, we did have some offsetting effects primarily coming from seasonality at the end of the year.

on the other hand we did have some offsetting effects primarily coming from seasonality at the end of the year


And there had been a range of hurdles to get through, some difficult but appropriate negotiations with government to

and there have been a range of hurdles to get through some difficult but appropriate negotiations with government to


Before we begin, I'd like to remind you that many of the statements made during this call may be considered forward-looking statements.

before we begin i'd like to remind you that many of the statements made during this call may be considered forward-looking statements


The projections and statements in this presentation speak only as of the date of this presentation.

the projections and statements in this presentation speak only as of the date of this presentation


are just 2 examples of investments that are continuing to build and transform our advantage platform.


I would say that we're proceeding sort of to our expectations as far as the timing perspective.

i would say that we're proceeding sort of to our expectations as far as a timing perspective


underground study that was concluded in the fourth quarter of last year, which was the preliminary economic assessment

the underground study that was concluded in the fourth quarter of last year which was the preliminary economic assessment


The first is the change in mining contractor due to ongoing issues with equipment availability and waste mining production.

the first is the change in mining contractor due to ongoing issues with equipment availability and waste mining production


Is there any real impact in the way you're thinking about your dividend policy that's being impacted by how volatile this pension

is there any real impact in the way you're thinking about your dividend policy that's being impacted by how volatile this pension


Three, the board is very involved in this. We've worked with them on our new performance management and accountability system.

three the board is very involved in this we've worked with them on our new performance management and accountability system


I see. And was there a similar thing in the third and fourth quarter also when you had the store closures?

i see and was there a similar thing in third and fourth quarter also when you had the store closures


We believe International will turn positive in the third quarter and showed continued positive momentum in the fourth quarter.

we believe international will turn positive in the third quarter and showed continued positive momentum in the fourth quarter


it requires a close collaboration between FedEx and our customers

it requires a close collaboration between fedex and our customers


We expect to close these loans during the third and fourth quarters of this year and we'll use the proceeds to repay maturing debt.

we expect to close these loans during the third and fourth quarters of this year and will use the proceeds to repay maturing debt


And the most positive response that we got of all them were people whose patients were on a once-a-day Exelon Patch.

and the most positive response that we got of all of them were people whose patients were on the once-a-day xolair patch


One is that, look, we did see softer conditions in February that continued into March.

one is that we did see softer conditions in february that continued into march


We are also tightening by raising the lower end of our adjusted operating income and adjusted EBITDA guidance.

we're also tightening by raising the lower end of our adjusted operating income and adjusted ebitda guidance


think that we struck the right balance doing so. Given that the middle market selling season is concentrated in the first half of the year,

think that we struck the right balance in doing so given that the middle market selling season is concentrated in the first half of the year


While we expect volume to improve sequentially, we are lowering our expectations for lubricant gallon and revenue growth.

while we expect volume to improve sequentially we are lowering our expectations for lubricant gallon and revenue growth


that was around first quarter last year that just doesn't exist this year as they've completely changed their marketing strategy.


And separately, I should add that, given the different nature of the Property business, it will remain within Other activities.

and separately i should add that given the different nature of the property business it will remain within other activities


And we -- what we're doing is trying to be diligent and making sure that when we need to have access to that capital

and what we're doing is trying to be diligent making sure that when we need to have access to that capital


I will now turn it back over to Steve for any additional comments. Thanks, Doug.

i will now turn it back over to steve for any additional comments thanks doug


are -- like, are they -- and do they have the ability or the discretion to put through price increases

are -- like are they and do they have the ability or the discretion to put through price increases


which we feel better about now going into the new year. But all the other stuff is just noise. And I think the real important thing is

which we feel better about now going into the new year but all the other stuff is just noise and i think the real important thing is


During the quarter, we continued to execute on our strategy and again delivered strong results.

during the quarter we continued to execute on our strategy and again delivered strong results


such that they will shut down their own airport handling facility and move their volume across to us.


of our annual report on Form 10-K and as updated by our quarterly reports on Form 10-Q.

of our annual report on form 10-k and as updated by our quarterly reports on form 10-q


The second objective was to provide clinicians with data that may help them make treatment decisions for their patients.

the second objective was to provide clinicians with data that may help them make treatment decisions for their patients


to come through in normal cash flows certainly during the year. I think the real issue that we spoke about is

to come through with normal cash flows certainly during the year i think the real issue that we spoke about is


Certainly, we are cognizant of the macroeconomic data points that have created global economic growth concerns.

certainly we are cognizant of the macroeconomic data points that have created global economic growth concerns


Even more interesting it is that all geographies and both ES and CMS have contributed.

even more interesting it is that all geographies and both es and cms have contributed


On the other side with the IL-12, the rates were in there is that we know for some cancers you don't know the targets.

on the other side with the il-12 the race we're in there is that we know for some cancers you don't know the target


Our general product assembly, rigid packaging and nonwoven product lines led the growth in the current quarter.

our general product assembly rigid packaging and nonwoven product lines led the growth in the current quarter


Station swaps don't really seem to make any sense for us. We're very, very happy with the stations that we have and the portfolio that we've built.

station swaps don't really seem to make any sense for us we're very very happy with the stations that we have and the portfolio that we've built


due to a decline of settlement activity and the consequence of the equity market environment.

due to a decline of settlement activity as a consequence of the equity market environment


Now inevitably with that, there's a transformation of the business and you have to do things differently, and

now inevitably with that there's a transformation of the business and you have to do things differently and


of the company's financial results between periods and provides for greater transparency of key measures used to evaluate the company's performance.


we didn't lead with as much credit as perhaps we wish we had now as an organization. And

we didn't lead with as much credit as perhaps we wish we had now as an organization and


I think, things will be largely prepared for in this first half of the year. Now

i think things will be largely prepared for in this first half of the year now


Signing supplier deals like United Airlines and extending exclusivity and capacity with other of our key providers

signing supplier deals like united airlines and extending exclusivity and capacity with other of our key providers


And we look forward to talking to you again at the end of the third quarter. And operator, that concludes my remarks.

and we look forward to talking to you again at the end of the third quarter and operator that concludes my remarks


We have a lot of brands that resonate with consumers and e-commerce, and I feel good about how we're driving it across the entire portfolio.

we have a lot of brands that resonate with consumers in e-commerce and i feel good about how we're driving it across the entire portfolio


to respond to competitors and make sure that we send signals that


as well as to how we will address the tax rate, which is still too high to further improve our earnings per share.

as well as to how we will address the tax rate which is still too high to further improve our earnings per share


make sure that we have adequate sample size for a study of this nature, we do very extensive powering modeling

make sure that we have adequate sample size for a study of this nature we do very extensive powering modeling


that would not be a good thing. But if you have good drugs that satisfy an unmet medical need,

that would not be a good thing but if you have good drugs that satisfy an unmedical need


be eventually refinanced with a combination of takeouts, including syndicated loans and emission of bond.

did we eventually refinance with a combination of takeouts including syndicated loans and emission of bonds


selective rather than aggregate. And I think it's probably the way that we will continue to approach that.

selective rather than aggregate and i think it's probably the way that we will continue to approach that


to marry up as much burner tip access as possible with the production both on the east end and the west end.


the right circumstance depending on what the market does or doesn't give us, it's not like the cash is going to disappear, it could be twice that

the right circumstance depending on what the market does or doesn't give us it's not like the cash is going to disappear it could be twice that


of increased profits, we get a share because in Asia Pacific, there's no owner's priority. So from that perspective,

of increased profits we get a share because in asia pacific there's no owner's priority so from that perspective


you should expect us, I would say, to be a top 3 participant in this industry overall.

you should expect us i would say to be a top 3 participant in this industry overall


that security is essentially rooted in -- again, in the middle box, in a very robust product. And that product pivots around

and that security is essentially rooted again in the middle box in a very robust product and that product pivots around


and so many different choices, and they're coming at you every day. With the potential for the new payment rail to be out there,

and so many different choices and they're coming at you every day with the potential for the new payment rail to be out there


I think I agree with Mark. This feels a lot more like a normal result, because we don't have that segment in particular

i think i agree with mark this feels a lot more like a normal result because we don't have that segment in particular


both relate to the structural changes in the supply chain in the Branded Consumer Goods operations.

both relate to the structural changes in the supply chain in the branded consumer goods operations


So we think that backdrop is probably is as favorable as it's ever been.

so we think that backdrop is probably as favorable as it's ever been


that's where there's a lot more incremental business opportunity for us. And so it'll play out differently in those different parts of our business,

that's where there's a lot more incremental business opportunity for us and so it'll play out differently in those different parts of our business


before you can start to incorporate that into either the analytics or some sort of your measurement products?


Thank you ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.

thank you ladies and gentlemen this concludes today's conference thank you for participating you may now disconnect


In terms of macro trends, we believe the opportunity for the partnership is as great today as it's ever been.

in terms of macro trends we believe the opportunity for the partnership is as great today as it's ever been


there are 2 ways that you can get results from a digital strategy. On the one hand, you should generate more revenues

there are 2 ways that you can get results from a digital strategy on the one hand you should generate more revenues


But I'll tell you, one of our focus is, as we alluded to in our comments, was -- is around how we

but i'll tell you more of our focus is as we alluded to in our comments was -- is around how we


This is a key metric that reflects the growth in our enterprise business, which is the majority of our overall revenue mix.

this is a key metric that reflects the growth in our enterprise business which is the majority of our overall revenue mix


we had a very good order book at the start of this year and order intake was also at the very high level in the first half year

we had a very good order book at the start of this year and the order intake was also at a very high level in the first half year


and addressing vulnerable customers, which are important areas for Ofgem, and they did this for the seventh straight year.

and addressing vulnerable customers which are important areas for ofgem and they did this for the seventh straight year


it just underscored how bad both energy as well as mining got during the year.


we believe will result in greater patron acceptance and deliver the greatest value to our casino customers.


Could you just remind us what kind of opportunities you got from the Augusta deal? I mean, there is a fair amount of wealth in Augusta,

could you just remind us what kind of opportunities you got from the augusta deal i mean there is a fair amount of wealth in augusta


Now out of the total expenses, I think those that were further reduced,

now out of the total expenses i think those that were further reduced


Hopefully, throughout the course of this call today as you listen to our full year 2018 results and recent corporate updates,

hopefully throughout the course of this call today as you listen to our full year 2018 results and recent corporate updates


for the remainder of the year. And we stick to our guidance that we'll be, cost-wise, more or less flat for the

for the remainder of the year and we stick to our guidance that will be cost-wise more or less flat for the year


While our sales and marketing expenses have become an unfortunate anomaly over recent years,

while our sales and marketing expenses have become an unfortunate anomaly over recent years


from a broad range of companies because it requires new types of computing at the edge and in the cloud,


Okay. And then for Transportation there, you folks have been looking for a real acceleration in terms of back-office investment

okay and then for transportation you folks have been looking for a real acceleration in terms of back office investment


Of course, our ultimate goal is to achieve net inflows in all 4 of these segments simultaneously.

of course our ultimate goal is to achieve net inflows in all 4 of these segments simultaneously


maybe even in the first or second quarter next year. We'll talk more about it tomorrow and give you a little bit more visibility, but clearly,

maybe even in the first or second quarter next year we'll talk more about it tomorrow and give you a little bit more visibility but clearly


The wind power industry set new records across the world last year according to the Global Wind Energy Council.

the wind power industry set new records across the world last year according to the global wind energy council


We also had good progress on the NED market path. We went out with a customized offering for the electric load in New England.

we also had good progress on the ned market path we went out with a customized offering for the electric load in new england


We remain excited about our future and look forward to communicating our continued progress in the quarters and years to come.

we remain excited about our future and look forward to communicating our continued progress in the quarters and years to come


be thinking a little bit differently about that asset at this point in time. It's something that we want to see proceed. But

be thinking a little bit differently about that asset at this point in time it's something that we want to see proceed but


We also put in place a more experienced sales and service team for both our retail and institutional clients.

we also put in place a more experienced sales and service team for both our retail and institutional clients


We are then able to build and collect revenue associated with this usage. As we continue to provision telephone numbers

we are then able to bill and collect revenues associated with this usage as we continue to provision telephone numbers


And I'm not talking about the existing ones. I'm talking about what visibility you might have with respect to new mines emerging this year?

but i'm not talking about the existing ones i'm talking about what visibility you might have with respect to new mines emerging this year


the discontinued U.K. line of credit product, and the impact of the exchange rate for the British pound following the Brexit vote.

the discontinued u k line of credit product and the impact of the exchange rate for the british pound following the brexit vote


We believe that the long-term success of ENTYCE will be driven by veterinarians become increasingly comfortable with its use.

we believe that the long-term success of entice will be driven by veterinarians becoming increasingly comfortable with its use


and we're working hard to make sure it does happen. And then maybe I'll use that opportunity to switch to talk about cats.

and we're working hard to make sure it does happen and then maybe i'll use that opportunity to switch to talk about cats


as our incumbency often enables us to support the additional capital needs of our best borrowers as they seek to grow.


We investigated this and haven't seen any loss of clients as the majority of the decrease is due to normal client activity.

we investigated this and haven't seen any loss of clients as the majority of the decrease is due to normal client activity


including our people like me enhancement, which utilizes machine learning to provide occupation-specific advice

including our people like me enhancement which utilizes machine learning to provide occupation-specific advice


We actually outperformed the data and we looked at the stat survey information about a half hour prior to the call.

we actually outperformed the data and we looked at the stat survey information about a half hour prior to the call


and really pleased with the progress we've made. And it's largely been due to a shift into more and more digital strategies.

and really pleased with the progress we've made and it's largely been due to a shift into more and more digital strategies


management time to look for those opportunity. We know where they are. But then they come up

of management time to look for those opportunity we know where they are but then they come up


that have different rates of performance in any given period of time, whether we're looking at a particular year or a particular quarter.

that have different rates of performance in any given period of time whether we're looking at a particular year or a particular quarter


and later the recorded video will be posted on DOCOMO's website -- IR website.

and later the recorded video will be posted on dokomo's website ir website


at the close of business on March 8. I'll now turn it over to Kevin, who will provide some additional insights on our results.

at the close of business on march 8 i'll now turn it over to kevin who will provide some additional insights on our results


We believe that these sales trends and activities, combined with continued cost reductions and strategic pricing actions,

we believe that these sales trends and activities combined with continued cost reductions and strategic pricing actions


back on, we need to continue to work and it's going to be a process to get them where it could be fully back on to where they were before the settlement.

back on we need to continue to work and it's going to be a process to get them worked to get you fully back on to where they were before the settlement


Many states are choosing to manage this important process, and MAXIMUS has played an integral role for supporting these efforts.

many states are choosing to manage this important process and maximus has played an integral role for supporting these efforts


Moreover, the ongoing and increasing desire of automakers to elevate the driving experience

moreover the ongoing and increasing desire of automakers to elevate the driving experience


that has been published, and we continue to be optimistic that the softness we're experiencing in the market today

that has been published and we continue to be optimistic that the softness we're experiencing in the market today


We experienced general stability in construction and land development and term commercial real estate loans.

we experienced general stability in construction and land development and term commercial real estate loans


France continues to look for opportunities to ramp higher margin peripherals, services and solutions around the sales of its core products

france continues to look for opportunities to wrap higher-margin peripherals services and solutions around the sales of its core products


The potential of deregulation is also encouraging and could provide a significant opportunity for our financial services business.

the potential of deregulation is also encouraging and could provide a significant opportunity for our financial services business


Our business plan is low risk and we are confident in our ability to execute the plan and deliver on our commitments.

our business plan is low risk and we're confident in our ability to execute the plan and deliver on our commitments


announced, but that is very well demonstrated by the number of FSRUs which have been decided since the beginning of

and -- but that is very well demonstrated by the number of ppsus which have been decided since the beginning of this


in higher utilization of contract labor, most predominantly on the nursing side in the nursing areas

and higher utilization of contract labor most predominantly on the nursing side and the nursing areas


i think it has to do with the market waiting for us to put a number on the impact


Also as I'm sure many of you are aware, the retail industry as a whole has been challenging so far this year.

also as i'm sure many of you are aware the retail industry as a whole has been challenging so far this year


It has been the honor of a lifetime to serve as Chairman and CEO of this great company.

it has been the honor of a lifetime to serve as chairman and ceo of this great company


Our Asia Pacific business delivered solid results while some of our markets in the Middle East continue to be challenged.

our asia pacific business delivered solid results while some of our markets in the middle east continue to be challenged


if you go back and look at the guidance that we provided relative to the margins,


and we like that area and you'll hear more about that in terms of acquisitive growth later.


an important enabler, but it's the symptoms that are critically important. In fact, above a certain blood pressure improvement,

is an important enabler but it's the symptoms that are critically important in fact above a certain blood pressure improvements


an efficient cost base in both clean and waste. So we were efficient and at the frontier of efficiency for waste as well.

an efficient cost base in both clean and waste so we were efficient and at the frontier of efficiency for waste as well


and whether you expect the performance to be different in the downturn whether that be better, worse or the same?

and whether you expect the performance to be different in the downturn whether that be better worse or the same


and that's why I have to say we give exit to some of the deposits because of this aggressive

and that's why i have to say we give exit to some of the deposits because of this aggressive


I'd also like to call your attention to the customary disclosures in our press release regarding forward-looking information.

i'd also like to call your attention to the customary disclosures in our press release regarding forward-looking information


to be cautious, I would say that for 2017, I don't think anybody expects any of these segments to

to be cautious i would say that for 2017 i don't think anybody expects any of these segments to


In addition, the Insourcing Solutions business reported growth in the fourth quarter as a result of new contracts.

in addition the insourcing solutions business reported growth in the fourth quarter as a result of new contracts


Our USA TODAY NETWORK is an ideal partner to help expand this brand.

our usa today network is an ideal partner to help expand this brand


over the next few years. So I don't expect to have to put capital into the TRS businesses.

over the next few years so i don't expect to have to put capital into the trs businesses


which are not only supporting retail tenant performance, but also performance of our industrial tenants.

which are not only supporting retail tenant performance but also performance of our industrial tenants


Put simply, this is growing and extending the base. Whilst our focus on marketing and innovation,

put simply this is growing and extending the base whilst our focus on marketing and innovation


Also under Marie-Line, Pizza Delight returned to have another positive Q4, with Same Restaurant Sales

also under marilin pizza delight returned to have another positive q4 with same restaurant sales


and that kind of set in motion some of the challenges at On Time. So

and that kind of set in motion some of the challenges at on time


so if we look at it, I think there's things that you're seeing, or Marianne, that you see, inside the company that probably dispel

so if we look at it i think there's things that you're seeing or marianne that you see inside the company that probably dispel


In the past, we have never been a reference in this area, and we are gaining important customer in the last

in the past we have never been a reference in this area and we are gaining important customer in the last period


on operationally doing a great job or trying to do a great job of being responsive to customers and

on -- operationally doing a great job or trying to do a great job of being responsive to customers and


This is great for patients, but it also means that it has taken many of us in this space more time to enroll studies.

this is great for patients but it also means that it has taken many of us in the space more time to enroll studies


offering business customers to freedom and flexibility of the latest cloud-based virtual PBX technology.

offering business customers the freedom and flexibility of the latest cloud-based virtual pbx technology


disconnected perhaps from that rate. So who knows where this goes in the future? I think, for now, that's the way it is set up.

disconnected perhaps from that rate so who knows where this goes in the future i think for now that's the way it's set up


It's really the strength of this brand and the clinical efficacy and safety of this brand that has driven its performance.

it's really the strength of this brand and the clinical efficacy and safety of this brand that has driven its performance


and that largely was in bank loans and that was largely institutional. So I hope that gives you a little flavor.

and that largely was in bank loans and that was largely institutional so hope that gives you a little flavor


should we think of the ACA compliance offering as having been a significant part of bookings and something that

should we think of the aca compliance offering as having been a significant part of bookings and something that


Brazil and Colombia, for the most part, different economies who have different issues in them. So in

brazil and colombia for the most part different economies who have different issues in them so in


demonstrates that we are a stronger company as a result of the changes made over the past few years.


Information regarding these factors is contained in yesterday's press release and with the company's other filings with the SEC.

information regarding these factors is contained in yesterday's press release and with the company's other filings with the sec


The only other things that I'd point out, a large number of abstracts from our EP group looking at some of the newer

the other things that i'd point out a large number of abstracts from our ep group looking at some of the newer


So this concludes the third quarter presentation and we're now ready to take your questions. Thank

so this concludes the third quarter presentation and we're now ready to take your questions thank you


pockets of deflation, overall, things are stabilized and we don't expect much impact this year going into next year.

pockets of deflation overall things are stabilized and we don't expect much impact this year going into next year


The only shift, I'd say, from the trends we've been seeing is really in Russia where it stabilized a bit.

the only shift i'd say from the trends we've been seeing is really in russia where it's stabilized a bit


where we might go from here. But could you envision a scenario that could actually benefit your covered lives coming out of the new administration?

where we might go from here but could you envision a scenario that could actually benefit your covered lives coming out of the new administration


on the top line. So I was wondering you've got some moving parts there in terms of Anthem

on the top line so i was wondering you've got some moving parts there in terms of anthem


are benefited by the fact that the primary basins we serve are short pipeline capacity that we've discussed.

are benefited by the fact that primary basins we serve are short pipeline capacity that we've discussed


The team has been busy responding to those inquiries. That being said, you know, there is still some cloudiness in the market.

the team has been busy responding to those inquiries that being said there is still some cloudiness in the market


and still qualify with some room for growth, not infinite growth, but some room for growth in those strategies relative

and still qualify with some room for growth not infinite growth but some room for growth in those strategies relative


primarily driven by higher rebates on our Ellington sponsored CLOs. We ended the quarter with diluted book value per share

primarily driven by higher rebates on our ellington-sponsored clos we ended the quarter with diluted book value per share


And what we're doing here is really no different than what I've done in some of my past experiences in former companies,

and what we're doing here is really no different than what i've done in some of my past experiences in former companies


on the business model and the future ahead, but there is still a ghost looming around

on the business model and the future ahead but there is still a ghost looming around


of 2017. Now unfortunately, we have not yet been able to obtain the needed regulatory approval from the Russian authorities. So

now unfortunately we have not yet been able to obtain the needed regulatory approval from the russian authorities so


our SKY business intelligence reporting capability, our payment services for credit card transaction processing

our sky business intelligence and reporting capability our payment services for credit card transaction processing


with TGLT that they were supposed to build and give us some apartments at -- in the other cases

dglp that they were supposed to build and give us some apartments as in the other cases


But I don't know what the e-com for the total category is, if it's around 5%, but can you just

but i don't know what the e-comm for the total category is if it's around 5% but can you just


The decrease is primarily due to lower discretionary benefits and the impact of higher revenue in the current quarter.

the decrease is primarily due to lower discretionary benefits and the impact of higher revenue in the current quarter


The main factor was the increase in the outflow due to the acquisition of PPE. As

the main factor was the increase in the outflow due to the acquisition of ppe


And then Trump, because of his unique ability to generate, not just free advertising,

and then trump because of his unique ability to generate not just free advertising


We think that's important because it broadens our customer base. It allows us to give to customers what it is they need.

we think that's important because it broadens our customer base it allows us to give to customers what it is they need


And the other question on that was with 1 million tonnes of production, do you produce about 1 million tonnes of carbon or just over?

and the other question on that was with 1 million tonnes of production do you produce about 1 million tonnes of carbon or just over


Also Elementum continues to successfully expand its customer relationships and rapidly grow revenue.

opto elementum continues to successfully expand its customer relationships and rapidly grow revenue


We continue to improve and expand our design capabilities and reference platforms, for new products and markets,

we continue to improve and expand our design capabilities and reference platforms for new products and markets


Yes, Matt, this is Greg. That's going to largely be within that segment product line

yes matt this is greg that's going to largely be within that segment product line


you mentioned mining you expect to rebound in fourth quarter on easier comps, but you also mentioned benefit from new sales

you mentioned mining expects to rebound in fourth quarter on easier comps but you also mentioned benefit from new sales


is to stabilize the production and keep it flat and continue to improve the efficiency by bringing on


Certainly, it's been very fragmented. So for us to look at expanding our content

certainly it's been very fragmented so for us to look at expanding our content


At the current cheap stock price, additional share repurchase may be the most viable option on that front.

at the current cheap stock price additional share repurchase may be the most viable option on that front


due to the nature of the assets in the acquired portfolio, the returns on this segment can be lumpy and we certainly see that this quarter.

due to the nature of the assets in the acquired portfolio the returns on this segment can be lumpy and we certainly see that this quarter


I would also like to relate today to some recent developments in the immuno-oncology landscape.

i would also like to relate today to some recent developments in the immuno-oncology landscape


All of this, of course, based on the current visibility and the FX rates that we have at the moment.

all of this of course based on the current visibility and the fx rates that we have at the moment


Key producers in the area are benefiting from successful delineation work resulting in an expanding resource base.

key producers in the area are benefiting from successful delineation work resulting in an expanding resource base


These forward-looking statements are based on current expectations, and the company assumes no obligation to update these statements.

these forward-looking statements are based on current expectations and the company assumes no obligation to update these statements


and second, costs related to our productivity initiatives focused on process improvements and data analytics.

and second costs related to our productivity initiatives focused on process improvements and data analytics


And second, in most cases we've actually gathered more business as part of the pricing discussion.

and second in most cases we've actually gathered more business as part of the pricing discussion


So right now, we're sticking to the time frame, but I would emphasize that we're highly confident in achieving

so right now we're sticking to the time frame but i would emphasize that we're highly confident in achieving


The increase is mainly due to the additional debt incurred in the first quarter. We expect quarterly net interest expense

the increase is mainly due to the additional debt incurred in the first quarter we expect quarterly net interest expense


But they are still going through transition, so we expect that to be another several quarters before their

but they are still going through a transition so we expect it to be another several quarters before there


from NIC only because this was a really unusual year in terms of the flu season. Historically,

from nick only because this is a really unusual year in terms of the flu season historically


We've improved our capabilities to service customers on a broader range of services.

we've improved our capabilities to service customers on a broader range of services


thus far, we haven't seen anything that has really negatively impacted us from a financial perspective

thus far we haven't seen anything that has really negatively impacted us from a financial perspective


And we expect to have the necessary technology and procedural fixes in place by the end of this year.

and we expect to have the necessary technology and procedural fixes in place by the end of this year


This morning, I will cover our operational highlights, including the progress of our active development projects.

this morning i will cover our operational highlights including the progress of our active development projects


the customer experience in the store in a way that is consistent with this message of building trust with our customers


I think the important point is, is that we are showing up and winning based on our value proposition.

i think the important point is is that we are showing up and winning based on our value proposition


intrinsic growth opportunity in addition to a lot of other opportunities throughout the portfolio.


I cannot go into the exact details, but I don't object what you

i cannot go into the exact details but i don't object what you


Yes, it's a little bit like -- it's actually a little slower

yes it's a little bit like -- it's actually a little slower


We'll go back to the phone. We have the next 3 questions from the phone.

we go back to the phone we have the next 3 questions from the phone


and that was also internally discovered and promptly remediated. The board hired a forensic auditor

and that was also internally discovered and promptly remediated the board hired a forensic auditor


Additionally, we believe that the redesign has also made our application simpler and easier to use, especially for older users.

additionally we believe that the redesign has also made our application simpler and easier to use especially for older users


the new folks, to some of their new customers and so on, so we have an orderly hand-off and transition of some of those customer relationships.

the new folks to some of their new customers and so on so we have an orderly handoff and transition of some of those customer relationships


made after careful and thorough deliberation, and we will keep you informed over the course of this progress.

made after careful and thorough deliberation and we will keep you informed over the course of this progress


This is primarily due to higher sales volumes, which offset the currency and inflationary pressures.

this is primarily due to higher sales volumes which offset the currency and inflationary pressures


The financial information contained in the market update presentation has not been reviewed or reported on by the company's external auditors.

the financial information contained in the market update presentation has not been reviewed or reported on by the company's external auditors


because we're still using the old finishing line, which is sort of our restricting factor.

because we're still using the old finishing line which is sort of our restricting factor


Adjusted for conversion and gas prices, underlying credit and debit growth rates have been stable all year.

adjusted for conversions and gas prices underlying credit and debit growth rates have been stable all year


Once completed, a new facility will form the hub we need to continue to expand our U.S. business,

once completed the new facility will form the hub we need to continue to expand our u s business


the right metrics were in place, the right incentives were in place so that we could make sure that we execute on the commitments we made for the year.

the right metrics were in place the right incentives were in place so that we could make sure that we execute on the commitments we made for the year


I have worked with him as part of the CONSOL Energy team, and he brings a wealth of capital markets and coal industry experience.

i have worked with him as part of the consol energy team and he brings a wealth of capital markets and coal industry experience


pretty much what we gave you, Mark, in terms of how we look at the periods is about the extent of what we can say.

pretty much what we gave you mark in terms of how we look at the periods is about the extent of what we can say


actuality is when you're going to see people get even more aggressive on what I'll call bigger, more complex projects.

actuality is when you're going to see people get even more aggressive on what i'll call bigger more complex projects


we are studying those. We'll circle back with our shareholders when the time is right on what we plan to do with the cash. But

we are studying those we'll circle back with our shareholders when the time is right on what we plan to do with the cash but


that. But I would say that we have done all the things we said we would do at the half year.

but i would say that we have done all the things we said we would do at the half year


of the settlement rate in the second half of the year, and that was very welcome to us.

of the supplement rate in the second half of the year and that was very welcome to us


Got it. And so presumably then, that means that companies have to requalify lines in these new countries.

got it and so presumably then that means that companies have to requalify lines in these new countries


A recent report from the Hydrogen Council profiled the development stage of many of these FCEV applications.

a recent report from the hydrogen council profiled the development stage of many of these fcev applications


Yes. If we look at -- if we think about a module as a -- for an individual slot,

yes it's -- if we look at -- if we think about a module as a slot for an individual slot


while we simultaneously plan for commercialization of our first medication.


Today we're going to show you that we are starting to deliver the customer growth, which is so important to the long-term future

today we're going to show you that we are starting to deliver the customer growth which is so important to the long-term future


I don't know that you're going to see any appreciable shift in mix for a period of time. It may be up a little bit or down a little bit in any given quarter,

i don't know that you're going to see any appreciable shift in mix for a period of time it may be up a little bit or down a little bit in any given quarter


As we move through the balance of 2017, we are extremely pleased to have such a sound financial foundation,

as we move through the balance of 2017 we are extremely pleased to have such a sound financial foundation


The retooling of our management team has been the catalyst for many of the improvements that we are beginning to see.

the retooling of our management team has been the catalyst for many of the improvements that we are beginning to see


given the current cash position and operating cash flow, it seems you can afford to pay higher dividends.

given the current cash position and operating cash flow it seems you can afford to pay higher dividends


in France as well as restructuring charges associated with some plant consolidation opportunities.

in france as well as restructuring charges associated with some plant consolidation opportunities


even where you don't necessarily have the indication. And the good news is at the time of the first-line launch,

even where you don't necessarily have the indication and the good news is at the time of the first-line launch


And based on these findings, we now believe we're at the stage where we want to enter the clinic

and based on these findings we now believe we're at the stage where we want to enter the clinic


We are nearing capacity in the Midland Basin, and we'll need Rebel 2 as soon as possible to meet growing producer demand in the region.

we are nearing capacity in the midland basin and we'll need rebel ii as soon as possible to meet growing producer demand in the region


in the growth in the rent. The one thing I would add about Brazil, we've been saying it for a long time,

in the growth in the rent the one thing i would add about brazil we've been saying it for a long time


I'll now turn the call over to Michael Schrum, our Chief Financial Officer, to talk more about our financial results.

i'll now turn the call over to michael scrumm our chief financial officer to talk more about our financial results


that involve risk and uncertainties that could cause actual results to differ materially from those in these forward-looking statements.

that involve risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements


as I tried to explain in that potential migration scenario, those will all be entering that program anew,

as i tried to explain in that potential migration scenario those will all be entering that program anew


and be fully complete by the end of Q1 2019. In addition to this initial

and be fully complete by the end of q1 2019 in addition to this initial


I think more interestingly is our revenue by type. One of the things that we talked about very early days

i think more interestingly is our revenue by type one of the things that we talked about very early days


history has been there are always some who benefit from the new definition of the currency and some who, at least in the short run,

the history has been there are always some who benefit from the new definition of the currency and some who at least in the short run


hanging out there for a material change in kind of the environment that they're in until we actually see it.


pursuing expansion opportunities at existing ports and looking for additional acquisition opportunities.


However, we were able to more than make up for this amount with growth from enterprise networking

however we were able to more than make up for this amount with growth from enterprise networking


In addition, we separated our underground gas storage activities into a

in addition we separated our underground gas storage activities into a distinct


but please do not take what we did in this quarter and use it as a run rate moving forward because of that investment cycle.


This is really a remarkable product. This is a cell line that actually allows a recapitulation of the patient's own skin,

this is really a remarkable product this is a cell line that actually allows recapitulation of the patient's own skin


you would be account by account, and one of the things that we think is a strength of the INOMAX offering

you would be account by account and one of the things that we think is a strength of the inomax offering


can be found in the tables contained in yesterday's press release and in our related current report on Form 8-K.

can be found in the tables contained in yesterday's press release and in our related current report on form 8-k


The same concept can apply to our group. If we interconnect within our group, great things can be expected.

the same concept can apply to our group if we interconnect within our group great things can be expected


you may want to start a fire. Ultimately, it comes down to your pacing.

you may want to start a fire ultimately it comes down to your pacing


What happens is as those prices stabilize, now we we've built all those increases into our bids without affecting our win rate,

what happens is as those prices have stabilized now we've built all those increases into our bids without affecting our win rate


which is more efficient allocation of resources. And we expect a contribution

which is more efficient allocation of resources and we expect a contribution


despite a not very helpful environment, also continued steady fundamentals and trends.

despite a not very helpful environment also continued steady fundamentals and trends


As we look forward to the year ahead, we are anticipating record volume and EBITDA in Aerospace.

as we look forward to the year ahead we are anticipating record volume and ebitda in aerospace


I'm pleased with the ability of our business leaders to react to the macro events that impacted our operations,

i'm pleased with the ability of our business leaders to react to the macro events that impacted our operations


These strong financial results were driven by areas of record-setting growth across our entire business.

these strong financial results were driven by areas of record-setting growth across our entire business


were offset by improved drug retail pharmacy margins and better shrink compared to prior year.


Our customers remain our priority during this time and our teams are working hard to ensure that we are meeting their needs.

our customers remain our priority during this time and our teams are working hard to ensure that we are meeting their needs


with updated financial information has also been posted to the Investors section of our company website.

with updated financial information has also been posted to the investors section of our company website


produce with the resources we have available. As you've probably also seen when you had a look at our

produce with the resources we have available as you've probably also seen when you had a look at our


In addition to managing the supply chain, we will also be able to adapt to shifts in international demand patterns.

in addition to managing the supply chain we will also be able to adapt to shifts in international demand patterns


Let me provide you an update on the milestones we achieved since we last spoke 90 days ago.

let me provide you an update on the milestones we achieved since we last spoke 90 days ago


Our debt level did increase as we funded the higher levels of working capital, primarily the increase in receivables,

our debt level did increase as we funded the higher levels of working capital primarily the increase in receivables


or because you have a high depreciation of leases, it'll be a balance sheet item

or because you have a high depreciation of leases it'll be a balance sheet item


However, the segment is well positioned for new student enrollment growth in its online platforms.

however the segment is well positioned for new student enrollment growth in its online platforms


we can say with certainty is that we'll only ramp up spending when there's a firm commercial solution


from the store managers of those new stores in terms of their experiences and the strength of their trading in our communities.


for both phases of the recent DIF transaction, with the one back in November and the one we just did in the second quarter.

for both phases of the recent diff transaction the one back in november and the one we just did in the second quarter


Finally, we expect our returns to trend upwards once the acquisitions make a full year contribution.

finally we expect our returns to trend upwards once the acquisitions make a full year contribution


Looking ahead for the remainder of the year, our pipelines are strong and our outlook remains positive.

looking ahead for the remainder of the year our pipelines are strong and our outlook remains positive


We are making some good inroads there, as I mentioned by our finished goods coming down. What you will also see just to make a note here,

we are making some good inroads there as i mentioned by our finished goods coming down which you will also see just to make a note here


there are 2. I think it becomes -- it's very different in terms of what we're willing to accept in terms of payback

there too i think it becomes -- it's very different in terms of what we're willing to accept in terms of payback


The decline in total orders was largely expected and should recover as the agency channel grows.

the decline in total orders was largely expected and should recover as the agency channel grows


As usual, these numbers do not reflect our plans to close or relocate about 10 older stores.

as usual these numbers do not reflect our plans to close or relocate about 10 older stores


mostly because of our merger with American Chartered in the middle of the third quarter.

mostly because of our merger -- our merger with american chartered in the middle of the third quarter


I looked at the operating earnings in the quarter as well, and here's what I see when I looked at the core performance for the bank.

i looked at the operating earnings in the quarter as well and here's what i see when i look at the core performance for the bank


and that will be a great market to serve. The one caution you've heard us say several times is that, it's more than reimbursement.

and that will be a great market to serve the one caution you've heard us say several times is that it's more than reimbursement


the number of tons also declined in the first quarter compared to


It's also important to note that we're still in -- at the initial stages of this multiyear growth opportunity.

it's also important to note that we're still in at the initial stages of this multiyear growth opportunity


In general, and given our customer credit terms, the fluctuations in our accounts receivable balances

in general and given our customer credit terms the fluctuations in our accounts receivable balances


with both of these acquisitions, we picked up nice liquidity and it allows us to continue to be disciplined pricers on the deposit side.

with both of these acquisitions we pick up nice liquidity and it allows us to continue to be disciplined pricers on the deposit side


But for the remaining quarters of '17, I would expect it to revert back

but for the remaining quarters of '17 i would expect it to revert back


We are gaining share in laundry, but ice cream suffered in the fourth quarter in Brazil from both the economy and the poor summer.

we are gaining share in laundry but ice cream suffered in the fourth quarter in brazil from both the economy and a poor summer


benefiting from the work we've done to strengthen our lower-tier brand propositions to capture some of the down-trading as it happens.

benefiting from the work we've done to strengthen our lower tier brand propositions to capture some of the down trading as it happens


And we have continuously had more satisfied clients than the average of our peers in our home markets.

and we have continuously had more satisfied clients than the average of our peers in our home market


Volumes in the mortgage origination market have increased in reaction to lower rates.

volumes in the mortgage origination market have increased in reaction to lower rates


This quarter, the question du jour appears to be about our fourth quarter production guidance coming in a little lower than our previous guidance.

this quarter the question du jour appears to be about our fourth quarter production guidance coming in a little lower than our previous guidance


These declines were largely driven by the channel mix mentioned earlier and the expected decrease in branded product sales.

these declines were largely driven by the channel mix mentioned earlier and the expected decrease in branded product sales


as well as the addition of engineering talent we added earlier in the year, to support newly awarded programs

as well as the addition of engineering talent we added earlier in the year to support newly awarded programs


So I think that's worthwhile noting. But let me see if I can address your question

so i think that's worthwhile noting but let me see if i can address your question


Overall, domestic weather was slightly favorable for the quarter and flat year-to-date compared to the same periods last year.

overall domestic weather was slightly favorable for the quarter and flat year-to-date compared to the same periods last year


related to market diversification and target market expansion, which we embarked on a few years ago.

related to market diversification and target market expansion which we embarked on a few years ago


the number of electric vehicles on the roads. So that's really helped us a lot in terms of

the number of electric vehicles on the roads so that's really helped us a lot in terms of


Our loan officers are doing a great job in a very competitive environment without sacrificing our credit discipline.

our loan officers are doing a great job in a very competitive environment without sacrificing our credit discipline


Yes, we're going to keep pushing, and we're certainly available at the company should you have any additional questions following the earnings call.

we're going to keep pushing and we're certainly available at the company should you have any additional questions following the earnings call


related both to, one, investment timing as the majority of our new investments took place late in the quarter in December,

related both to one investment timing as the majority of our new investments took place late in the quarter in december


agencies and business lines into the partnership over the balance of the year. There's one and then there's 2 more that will occur.

agencies and business lines into the partnership over the balance of the year there's one and then there's 2 more that will occur


many of them have been eliminated, because of the good regulatory environment. So we encourage regulation. We encourage

many of them have been eliminated because of the good regulatory environment so we encourage regulation we encourage


I think that that's one situation. But given that you guys are doing transactions in the stock at this price,

i think that that's one situation but given that you guys are doing transactions in the stock at this price


And this seems like there's some real innovation coming about here in how to move

and this seems like there's some real innovation coming about here in how to move


We set a goal to get a capitalization that would give us the capability to

we set a goal to get a capitalization that would give us the capability to


I have to say our teams on the vessel and onshore support have overcome with dedication and persistence.

i have to say our teams on the vessel and onshore support have overcome with dedication and persistence


our critical growth and transformation investments while also deploying more capital to shareholders.


which uses and consumes the rubber. So once automotive moves down,

which uses and consumes the rubber so once automotive moves down


best practices and key features for our customers to be able to launch a site very quickly or to extend their own site,

best practices and key features for customers to be able to launch a site very quickly or to extend their own site


on the overall consumer landscape. I'd also say that virtually all of the pricing actions we have taken

on the overall consumer landscape i'd also say that virtually all of the pricing actions we have taken


I think we've got a very clear strategic intent, which is really at a headline level,

i think we've got a very clear strategic intent which is really at a headline level


growth in loans under long-term standby purchase commitments and the addition of a new floating rate AgVantage facility.

growth in loans under long-term standby purchase commitments and the addition of a new floating rate agvantage facility


We also expect though to see the investment in some of those markets continue some of the packaging markets.

we also expect though to see the investment in some of those markets continue some of the packaging markets


we are seeing an impact of mobile demand weakness and have received more conservative forecasts from much of our customer base.


So they are making a decision on where they want to be for the rest of their lives,

so they are making a decision on where they want to be for the rest of their lives


If you think about our value proposition, Mark, and it is to kind of take the complexity out of it, and you think about the market we focus on,

if you think about our value proposition mark and it is to kind of take the complexity out of it and you think about the market we focus on


And I'm speaking mostly in those comments in the van segment of our business.

and i'm speaking mostly in those comments in the van segment of our business


And we haven't really pressure-tested all these new initiatives in a return to the normal or even beyond normal

and we haven't really pressure tested all these new initiatives in a return to the normal or even beyond normal


This was the fifth consecutive quarter of organic growth at or above 6% for the company on a combined basis,

this was the fifth consecutive quarter of organic growth at or above 6% for the company on a combined basis


And as I've noted before, marketing is far more than advertising. And our brand must be infused with all that we say and do.

and as i've noted before marketing is far more than advertising and our brand must be infused with all that we say and do


The team is relentlessly driven to innovate and acutely focused on meeting the ever-evolving needs of our clients.

the team is relentlessly driven to innovate and acutely focused on meeting the ever-evolving needs of our clients


we did much better on the profit side of that. So that equation, I think, it's better for us to be

we did much better on the profit side of that so that equation i think it's better for us to be


payments instruments is mainly attributable to the fluctuation of the corporation's common share market price.


In addition, a little over half of the total impacted borrowers are constrained by their total debt service ratio alone.

in addition a little over half of the total impacted borrowers are constrained by their total debt service ratio alone


have a vested interest in broader acceptance of nuclear power and getting that kind of commitment from them


Johnnie Walker continued to tell in-culture stories of personal progress across the world.

johnnie walker continued to tell inculture stories of personal progress across the world


going to have to tap the brakes or deal with the lower commodity prices that they are able to get given the takeaway challenges.

going to have to tap the brakes or deal with the lower commodity prices they're able to get given the takeaway challenges


not in our backlog. It is in our pipeline of

not in our backlog it is in our pipeline of


However, as our results indicate, we also have serious issues that must get fixed.

however as our results indicate we also have serious issues that must get fixed


It is clear that we have tremendous enthusiasm and support, as we further validate and derisk our clinical platforms,

it is clear that we have tremendous enthusiasm and support as we further validate and derisk our clinical platforms


Nexus presents surgeons with a powerful tool to remove hard and soft tissue with greater control, accuracy and efficiency.

nexus presents surgeons with a powerful tool to remove hard and soft tissue with greater control accuracy and efficiency


Let me now walk all of you through some of our third quarter highlights and provide my perspective on how we see the balance of the year.

let me now walk all of you through some of our third quarter highlights and provide my perspective on how we see the balance of the year


Now I would like to go into the presentation, and first,

now i would like to go into the presentation and first


are big parts of the cost cars. So what are you seeing there? How do you protect margins in that? And then throw in the

areas are big parts of the cost of cars so what are you seeing there how do you protect margins in that and then throw in the


and also where the technology and the performance that we bring, bring value to our customers. So I think we need to have that as a basis for the discussions.

and also where the technology and the performance that we bring bring value to our customers so i think we need to have that as a basis for the discussions


the cattle feeding industry has consolidated. You saw the acquisition earlier in the year, the big one of the largest

the cattle feeding industry is consolidated you saw the acquisition earlier in the year the big one of the largest


We are now seeing others in the market bring down inventory levels, and we are hopeful that more stable currencies

we are now seeing others in the market bring down inventory levels and we are hopeful that more stable currencies


We have been getting a lot of questions from investors on both our capital structure and covenants. The next 2 slides address these subjects.

we have been getting a lot of questions from investors on both our capital structure and covenants the next 2 slides address these subjects


with a much higher leverage, not only from a covenant point of view but from an operating flexibility point of view.

with a much higher leverage not only from a covenant point of view but from an operating flexibility point of view


which was focused only on price and not on added value. For example, through integrated services or quality.

which was focused only on price and not on added value for example through integrated services or quality


We continue to be very excited about our pipeline of productivity and growth projects that are contributing to our expanding margins.

we continue to be very excited about our pipeline of productivity and growth projects that are contributing to our expanding margins


But with -- even with all the best of planning and dialogue, there's going to be

but with -- even with all the best of planning and dialogue there's going to be


I think the benefit we have here is the alignment with CAT and Finning, we are fighting tooth and nail to make sure we

i think the benefit we have here is the alignment with cat and finning i mean we were fighting tooth and nail to make sure we


Our team in South America has been managing through this downturn exceptionally well, and we expect they will continue to do so.

our team in south america has been managing through this downturn exceptionally well and we expect they will continue to do so


In order to deliver operational efficiencies, the network's business is also moving to a national functional structure

in order to deliver operational efficiencies the networks business is also moving to a national functional structure


but we've made changes to pricing and to the underwriting. We increased our analytics and have made progress in this product line.

but we've made changes to pricing and to the underwriting we increased our analytics and have made progress in this product line


The progress of the OneStim business over the past year is married by the success of new contract awards. For example,

the progress of the one stim business over the past year is mirrored by the success of new contract awards for example


To the extent that LIBOR continues to increase, we anticipate benefiting from higher interest rates in future quarters

to the extent that libor continues to increase we anticipate benefiting from higher interest rates in future quarters


So that I view as kind of a natural. That's -- this is actually where we wanted to end up, to be candid.

so that i view as kind of a natural that's -- this is actually where we wanted to end up to be candid


wanted to retain a large ownership stake on our own, and we were able to complete that during the quarter,

wanted to retain a large ownership stake on our own and we were able to complete that during the quarter


systemic administration to transduce the tissues affected by the disease and express the proteins in those issues,

systemic administration to transduce the tissues affected by the disease and express the protein in those tissues


impacted by negative sales development in China and by the pending divestment of the business in Brazil.

impacted by negative sales development in china and by the pending divestment of the business in brazil


Longer term, we will pursue strategic opportunities, expanding across commodities and across the value chain,

longer term we will pursue strategic opportunities expanding across commodities and across the value chain


And what we will see as well then is -- so I don't know. If I had a guess, I guess what we would spend

and what we will see as well then is we -- so i don't know if i had to guess i'd guess what we would spend


And we believe that going forward, the overall prominence of goods as they move around the world and

and we believe that going forward the overall prevalence of goods as they move around the world and


maybe some of your target leverage levels that you think about, especially in the context of your macro outlook? And maybe

maybe some of your target leverage levels that you think about especially in the context of your macro outlook and maybe


it. It's more about the coaching for those big companies, which are already our clients, or many of them,

and it's more about the coaching for those big companies which are already our clients for many of them


of new wins and the growth of existing business in the segments of beverages and dairy.


Moving to Slide 19. In closing, I want to reiterate that we are proud of our first quarter.

moving to slide 19 in closing i want to reiterate that we are proud of our first quarter


And this is not something the board will compromise on in any way, so materiality is not an issue.

and this is not something the board will compromise on in any way so materiality is not an issue


that improvement was felt pretty much across all the provinces, so it's a fairly consistent improvement across all the provinces.

that improvement was felt pretty much across all the provinces so it's a fairly consistent improvement across all the provinces


third, we target upscale, fashion conscious consumers by providing outstanding service

third we target upscale fashion-conscious consumers by providing outstanding service


Beginning in December, we eliminated virtually all advertised promotional and pricing activity.

beginning in december we eliminated virtually all advertised promotional and pricing activity


at the top end and the low end and where we've had the engine challenges.

at the top end and the low end and where we've had any engine challenges


or any change in events, conditions or circumstances based on which any such statements are made. I

or any change in events conditions or circumstances based on which any such statements are made


These improvements to both the top and bottom line also reflected the achievement of certain synergies related to the successful integration

these improvements to both the top and bottom line also reflected the achievement of certain synergies related to the successful integration


Great. Thank you, Ware. I want to touch on just a couple of nonfinancial highlights for the quarter before we turn it over for questions.

great thank you ware i want to touch on just a couple of nonfinancial highlights for the quarter before we turn it over for questions


tank manufacturers and wind and transmission towers, demand for this quarter remained fairly steady

tank manufacturers and wind and transmission towers demand for this quarter remained fairly steady


and there will be a little less amortization expense going forward. Pretax should pick up a bit because of these closures.

and there'll be a little less amortization expense going forward pretax should pick up a bit because of these closures


and fire and security products, led by increased demand for special hazards and fire detection equipment.

and fire and security products led by increased demand for special hazards and fire detection equipment


what we believe is needed to provide benefit in patients with Huntington's disease, based on our extensive preclinical data.

what we believe is needed to provide benefit in patients with huntington's disease based on our extensive preclinical data


which was evident by the improvement of our safety metrics that were already some of the best in industry.


Things will improve over time. Can you tell us more

things will improve over time can you tell us more


Great work by the legal and deal teams on both sides and incredible professionalism and courtesy shown from both governments.

great work by the legal and deal teams on both sides and incredible professionalism and courtesy shown from both governments


We never closed below the price break, and we obviously have traded up very nicely

we never closed below the price break and we obviously have traded up very nicely


We said our approach to integration would be from the perspective of best of both. And we have been true to this ideal.

we said our approach to integration would be from the perspective of best of both and we have been true to this ideal


The multiple-dose portion of the study is a little more complicated because we have cohorts that are open to all comers,

the multiple-dose portion of the study is a little more complicated because we have cohorts that are open to all comers


For those members that already have an account, they already have shared with us all the information that we need and just like they have an account with their bank,

for those members that already have an account they already have shared with us all the information that we need and just like they have an account with their bank


So there's a natural way in which cross-selling into other products happens as users discover in a digital way new products and features.

so there's a natural way in which cross-selling into other products happens as users discover in a digital way new products and features


to maximize the value of each of their customers, to service these customers more broadly with a significant range of personalized products.

to maximize the value of each of their customers to serve these customers more broadly with a significant range of personalized products


covering the procedure. But keep in mind that underneath the national payers, there are many subpayers that we need to work with.

covering the procedure but keep in mind that underneath the national payers are many sub payers that we need to work with


I believe we're the only company that has actually generated any clinical data supporting that concept.

i believe we're the only company that has actually generated any clinical data supporting that concept


Notwithstanding the impressive success of our La Prairie products with the Chinese consumer

notwithstanding the impressive success of our la prairie products with the chinese consumer


The message here is that there will be a lot of financial discipline from this company, and we have a guidance here from the

the massive years that there will be a lot of financial discipline from this company and we have a guidance year from the


Starting with Slide 3, while many of you are familiar with Butterfield, I'd like to provide an overview of the bank

starting with slide 3 while many of you are familiar with butterfield i'd like to provide an overview of the bank


reassess some of the decisions that we've made along the way. So I think

reassess some of the decisions that we've made along the way so i think


for the LDR, but can you tell us about your target going forward with the change? Thank you very much

for the ldr but can you tell us about your target going forward with the change thank you very much


And if you're in the data and information business, mobility and mobile responsiveness is key for your product format and product presentation.

and if you're in the data and information business mobility and mobile responsiveness is key for your product format and product presentation


I also want to understand if you guys, with regard to your discussions with frac service providers,

i also want to understand if you guys with regard to your discussions with frac service providers


we're running the company and with the board as prudently as possible. So it's not like we haven't been thinking about things, but

we're running the company and with the board as prudently as possible so it's not like we haven't been thinking about things but


is absolutely on fire. So that business has been growing strong double digits for a number of years, continues to outpace the market.

is absolutely on fire so that business has been growing strong double digits for a number of years continues to outpace the market


We expect unbilled deferred revenue to increase meaningfully next quarter with seasonally strong enterprise transactions.

we expect unbilled deferred revenue to increase meaningfully next quarter with seasonally strong enterprise transactions


We would hope that within the next 12 to 18 months or so, we will come to a conclusion, and

we would hope that within the next 12 to 18 months or so we will come to a conclusion and our


improved international profitability and expense initiatives within Solutions will drive the increase.

improved international profitability and expense initiatives within solutions will drive the increase


The challenge in the earnings is we also have in there the rotation that's going on with the legacy retailers that are in runoff,

the challenge in the earnings is we also have in there the rotation that's going on with the legacy retailers that are in runoff


we expect revenue and earnings to be down at Specialty Property, as lender-placed continues to normalize.

we expect revenue and earnings to be down at specialty property as lender placed continues to normalize


that a diversified end market focus is the most appropriate way to balance growth and risk opportunities for our business.


With our emphasis on disciplined pricing and profitability, our win rates have declined modestly as anticipated.

with our emphasis on disciplined pricing and profitability our win rates have declined modestly as anticipated